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Bar News - August 10, 2007

NH Bankruptcy Court Opinion Summary

Note: The full text of the opinion below will be available on the Bankruptcy Court’s web site at

Official Committee of Unsecured Creditors v. Foss (In re Felt Mfg. Co., Inc.), 2007 BNH 027, issued July 27, 2007 (Deasy, J.) (published) (ruling on various motions to dismiss filed by fourteen defendants, who are former officers and directors of the debtor, a shareholder and brother of an officer and a director, a spouse of a director, and various trusts and other legal entities owned or controlled by one or more of the individual defendants, under the standard recently articulated by the United States Supreme Court in Bell Atl. Corp. v. Twombly, 127 S. Ct. 1955 (2007), and concluding that the complaint stated claims for breach of fiduciary duty as the in pari delicto defense was not a bar to such claims, aiding and abetting breach of fiduciary duty, waste of corporate assets, unjust enrichment, declaration of illegal dividends under NH RSA 293-A:6.40 and 8.33, equitable subordination under 11 U.S.C. § 510, recharacterization, avoidance and recovery of fraudulent transfers under 11 U.S.C. §§ 544, 548 and 550 and NH RSA 545-A:4 and 5, and avoidance and recovery of preferential transfers under 11 U.S.C. §§ 547 and 550, as to some or all of the defendants with respect to some or all of the creditors committee’s claims, but the complaint did not state a claim for deepening insolvency).


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